Coinbase CEO Reveals The Reasons Behind QuadrigaCX Shutdown

February 24, 2019

CEO and Co-Founder at Coinbase, Brian Armstrong has revealed in a series of tweets recently posted on Twitter, what he thinks regarding all the recent news surrounding QuadrigaCX.

Armstrong noted the exchange is one of the oldest in existence, as it has been running since 2013. Per his words, if they “planned an exit scam, it likely would have been timed better.” The CEO noted that QuadrigaCX suffered a “multimillion dollar bug in June 2017,” before things went wrong, Cryptoglobe reports.

Users of the now-defunct Quadriga are currently battling through the courts to secure missing funds. The exact circumstances under which their deposits disappeared remain uncertain; the exchange’s CEO, Gerald Cotten, unexpectedly died in December.

One tweet in the thread points to the fact that QuadrigaCX was one of the oldest exchange in the crypto-verse and any exit scam would have been carried out at an earlier time. He states that, «QCX was one of the oldest exchanges in existence (founded in 2013). If they planned an exit scam, it likely would have been timed better.»
According to Cointelegraph, big Four auditor Ernst & Young is currently in charge of consolidating Quadriga’s wallets and accounts. On Thursday, the exchange transferred its remaining accessible wallet balances to the company’s possession.

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